Homepath properties are houses that were owned by Fannie Mae that went into foreclosure.
First you must determine if the home is eligible for a HOMEPATH mortgage. You can do this by going to www.homepath.com and looking up the property and then taking you mouse and moving it over the HOMEPATH financing YES to see if it is eligible for the mortgage or renovation loan. If it is eligible for the mortgage, then below are the benefits that you could expect:
- Loan-to-values up to 97% (so a 3% down payment)
- FICO scores down to 620
- NO mortgage insurance is required
- Owner occupied, second homes and investment properties (up to 90% LTV) allowed
- NO APPRAISAL REQUIRED!
- Gift funds allowed (certain restrictions apply)
- 1-4 units, condo, PUD
- 10, 15, 20 and 30 year fixed terms
*HOMEPATH is a registered trademark of Fannie Mae.